Based on the chart you provided for the TON/USDT pair, we can apply Smart Money Concepts (SMC) to predict potential price movements. Here is an analysis:
1. Market Structure: The price action shows a descending channel, indicating a corrective or consolidative phase within a broader trend. This structure could potentially lead to a breakout if momentum changes.
2. Liquidity Zones: There is likely liquidity above the recent highs around the upper trendline of the channel. If the price continues to rise and breaks out, it could trigger a move to capture stop-losses from short positions above this level.
3. Support and Resistance:
- Resistance: The current upper trendline of the channel acts as a resistance zone. The breakout of this zone could open the way for bullish momentum.
- Support: The lower part of the channel represents a potential support zone. If the price fails to break out of the channel, a retest of this support may occur.
4. RSI Indicator: The RSI at approximately 66.60 shows that the asset is approaching overbought levels but not quite there yet. This indicates there could still be room for an upward push before a potential reversal.
### Predicted Move
If the current bullish pressure continues and breaks above the upper boundary of the descending channel, we may see a continuation towards higher resistance levels, possibly aiming for the previous high around $8.29. However, if the price fails to break out and is rejected at the upper boundary, it could fall back towards the lower support line of the channel or even lower to test previous demand zones.
Keep an eye on volume for confirmation of any breakout, as increased volume would support the move.
